The US Federal Reserve voted to raise interest rates for the first time in 9 years last week. The world expects central banks globally to follow the US' lead and raise interest rates within the next year. It would bring an end to a period of record low interest rates around the world, sparked by the 2008 financial crisis.

But Weale says that stagnant wage growth and tumbling commodity prices are stopping many members at Britain's central bank from following the Fed and raising rates.

"The factors pushing down on inflation have become a bit more prolonged," Weale told the Telegraph. "I initially thought that the weak wage growth was a wobble that represented stray numbers that you get once or twice from time to time. There has plainly been something more to it than that."

"It's just another of the things that makes the need [to raise interest rates] slightly less immediate."

Britain has kept interest rates at a record low of 0.5% since March 2009. This has stimulated the economy because it lowers the cost of borrowing. In other words, it helps those in debt to make repayments and boosts the amount of money in people's pockets.